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Is Modi winning fake currency war? A data you shouldn't miss

Total face value of fake currency detected post demonetisation according to the RBI was Rs 19.53 cr

Abhishek Waghmare 

currency, notes, demonetisation, Rupees, Rs, note ban, money
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A discussion on fake Indian currency notes (FICN) has been doing the rounds, especially since While the quantum of in circulation remains difficult to ascertain, data on the detection of by the (RBI) throws some light on the possible range. The put the figures of in FY17 at Rs 43.47 crore in its annual report released on August 30.

This amount includes all denominations.

On the other hand, an analysis of the data released by the on the detection rate of fake notes of Rs 500 and Rs 1,000 denomination scrapped notes in a nationwide sample survey, also published in the annual report, suggests it was Rs 18.97 crore between November 8, 2016 and March 31, 2017. The third data point comes from a query answered in the Lok Sabha by the Minister of State for Finance on February 3, 2017, which put the value of fake notes detected after at Rs 19.53 crore. This data point is for banned Rs 500 and Rs 1,000 notes.

Apart from these, the National Crime Records Bureau detected Rs 11.23 crore worth of fake currency notes across all denominations after till July 14, 2017, according to a Parliament query.

First Published: Fri, September 01 2017. 08:20 IST